Applications to U.S. graduate business programs dropped 25% in the 2026-27 academic cycle, with international applicants accounting for the sharpest decline, according to the Graduate Management Admission Council (GMAC).
International applications decreased 38%, while domestic applications fell 6%. Three-quarters of U.S. programs received fewer applications. The figures span MBA and non-MBA degrees, so the international decline is not limited to MBA programs.
GMAC’s survey drew responses from 1,162 programs at 314 business schools across 39 countries. Schools submitted data between June and August 2026 for the 2026-27 academic year.
GMAC said schools in the U.S., U.K. and Canada were especially likely to identify visa policies and practices as one influence on application levels. Separately, the council said new annual and lifetime federal loan caps constrained borrowing for graduate management degrees. The survey does not quantify how much either issue contributed to the U.S. decline.
Worldwide, graduate management applications declined 10%, while MBA applications fell 13%, after two years of growth. Applications increased 4% in Europe excluding the U.K. and 3% in East and Southeast Asia. International applications grew 5% and 6%, respectively, in those regions.
GMAC CEO Joy Jones said candidates were “weighing cost and return more closely” and choosing more deliberately where to pursue a graduate business degree.
A separate GMAC study collected responses from more than 4,200 candidates across 145 countries during 2025. By late that year, 40% of international candidates said U.S. government policies and practices had made them less likely to study in the country. GMAC’s earlier research also linked rising reluctance to U.S. government policies and practices during President Donald Trump’s presidency.
